Future Development

9 Months Ended

Sep. 30, 2011

Future Development

Future Development

14. Future Development

• Native American Development

        See Note 8 for information about the Company's Native American development activities.

• Land Held for Development

        As of September 30, 2011, we had $229.9 million of land held for development consisting primarily of eleven sites that are owned or leased, which includes sites in the Las Vegas valley, northern California and in Reno, Nevada.

        The Company assumed STN Predecessor's lease on the 19-acre parcel of land on which the Wild Wild West is located. The significant terms of the lease include a one-time termination option at the election of the lessee in 2019, rent reductions for 2011 through 2019, and additional options under which the Company may purchase the land at any time during the years 2011 through 2019 at established fixed prices. The lease also contains options under which the Company may purchase the land in July 2023, 2044 and 2065 for a purchase price equal to fair market value of the land as of July 2022, 2043 and 2064, respectively. No amounts related to these purchase options have been recorded on Successor's condensed consolidated balance sheet at September 30, 2011 or STN Predecessor's condensed consolidated balance sheet at December 31, 2010.

        Our decision whether to proceed with any new gaming or development opportunity is dependent upon future economic and regulatory factors, the availability of acceptable financing and competitive and strategic considerations. As many of these considerations are beyond our control, no assurances can be made that we will be able to proceed with any particular project.